![]() ” paid off when the inevitable “where is. Confirmation with the requisition for funds that “an advance will constitute confirmation that you accept. The writer has had at least one instance in which a mortgagee “knew” a particular condition could not be met, but would not remove it. Pay attention to special conditions, such as an obligation to verify owner occupancy of the mortgaged property, payment of particular obligations (e.g., existing debts) or variations needed from general instructions (e.g., when the value of land makes up much of the value and the dwelling cannot be insured for the amount of the mortgage loan). However, I suggest there is at a minimum a dual obligation: any specific instructions to advise of “flag” matters and the obligation of disclosure to conjoint clients.ģ. The Bank Act provides for “loan to value” measurement rather than “loan to purchase price” and institutions quite regularly accept legitimate credits and non-cookie-cutter financings sometimes they even originate them with cashbacks and the like. In turn, this obliges you to be wary of “unusual credits,” adjustments other than in the ordinary course or divergences from the stated and real price. This includes the obligation to advise each client that no information received from one can be kept confidential from the other, and that you cannot take either side in a dispute (unless otherwise agreed by the parties in advance). ![]() Even if you are not specifically told (most instructions now contain this), you have the ethical responsibilities that go with joint retainers. Access the most recent version online - not anything you've saved - and keep a printed copy in the file.Ģ. Not only is the day of “two-page mortgage instructions” and “four-page mortgages” a thing of the past, they frequently change. It sounds trite, but read your instructions. Unless the lender is independently represented or it is confirmed that you are not representing them or protecting their interests, you will almost certainly be considered to have the lender as a client or deemed client. Please send your comments, questions, and suggestions to You can also find us on YouTube, Facebook, and Twitter.This article has been reprinted from our Janaury 2013 issue of LIANSwers.Īs we enter 2018 and, in some regions, the low point in the property season, it pays dividends to refresh ourselves on a few “ten thousand foot” principles when representing a lender.įirst, it is easy to lose sight of the fact that we DO generally have the lender as a client – even if we never speak to a live body or are able to send them a bill. Click on this link, and be entered to win a cool Star Trek prize (US residents only). We'd also love to have you take our first-ever listener poll. To learn more about Riverside and Trekfest, go to. The special guest is Chase Masterson, who played Leeta in ST: Deep Space 9. This year TrekFest 38 will be held June 23-25. He also tells some interesting stories about William Shatner (including one that involves a dried raccoon appendage!). Travis talks about the history of TrekFest, what to expect this year, and hopes for the future. Travis is the chairperson of the TrekFest Committee, responsible for organizing the annual Star Trek festival in Riverside. In this bonus episode, Dana and Dan speak with Travis Riggan from Riverside, Iowa.
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